The move follows CenterPoint's $363 million investment in Enable Midstream's preferred securities on Friday, through the early redemption of notes payable to a CenterPoint unit of the same amount.
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When do notes payable on demand, or in which no time of payment is mentioned, become due and suable?
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Accounts payable (AP) is money owed by a business to its suppliers shown as a liability on a company's balance sheet. It is distinct from notes payable liabilities, which are debts created by formal legal instrument documents.
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The colonial government also issued promissory notes payable by the treasury, termed ordonnances de paiement which also circulated as currency. However, given the state of the French finances, the government relied increasingly on treasury bills to finance the wars. By 1760, the treasury notes totalled 30 million livres, and the amount of paper money circulating in the colony was fifteen times greater than in 1750. The new card money and the ordonnances de paiement were initially successful.
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In 1901, notes in circulation in Australia consisted of bank notes payable in gold coin and issued by the trading banks, and Queensland Treasury notes. Bank notes circulated in all States except Queensland, but were not legal tender except for a brief period in 1893 in New South Wales. There were, however, some restrictions on their issue and other provisions for the protection of the public. Queensland Treasury notes were issued by the Queensland Government and were legal tender in that state.
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Merrill Lynch, which marketed the equity, also contributed $22 million to fund the entities. Enron transferred to "Raptor I-IV", four LJM-related special purpose entities named after the velociraptors in Jurassic Park, more than "$1.2 billion in assets, including millions of shares of Enron common stock and long term rights to purchase millions more shares, plus $150 million of Enron notes payable" as disclosed in the company's financial statement footnotes. The special purpose entities had been used to pay for all of this using the entities' debt instruments.
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The first sod was cut on 9 June 1863. Work seemed to be progressing well and in June 1864 the company informed the Board of Trade of the intention to open for passenger traffic shortly; however this was soon realised to be premature, and was withdrawn. Subscriptions for shares continued to fall short, and in August 1864 it was announced that contractors had been paid with Lloyds Bonds, that is, promissory notes payable in two or three years. Colonel Yolland, for the Board of Trade, visited the line on 17 December 1864.
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There are associations between managerial entrenchment and capital structure decisions which mostly result on the fact that CEOs are reluctant to go into debt when funding an investment. The capital structure is the way that the company chooses to fund its own operations and growth. Debt comes in the form of bond issues or long- term notes payable, while equity is classified as common stock, preferred stock or retained earnings. Many models suggest that the manager keeps the leverage level according to where the firm mostly maximizes its value.
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Corporations may rely on borrowed funds (debt capital or credit) as sources of investment to sustain ongoing business operations or to fund future growth. Debt comes in several forms, such as through bank loans, notes payable, or bonds issued to the public. Bonds require the corporations to make regular interest payments (interest expenses) on the borrowed capital until the debt reaches its maturity date, therein the firm must pay back the obligation in full. Debt payments can also be made in the form of sinking fund provisions, whereby the corporation pays annual installments of the borrowed debt above regular interest charges.
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In order to be eligible, a small business must be established, have financial statements to demonstrate it was profitable in one of the past two years, and be able to project sufficient cash flow to meet current and future loan payments over a two-year period from loan approval. ARC loans are not designed for start-up businesses. Examples of qualifying loans may include business credit card obligations, capital leases, notes payable to vendors or suppliers, Development Company Loan Program (504) first-lien loans, other loans to small businesses made without an SBA guaranty, and loans made by or with an SBA guaranty on or after Feb. 17, 2009.
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The footnotes also declared that the instruments' face amount totaled $1.5 billion, and the entities notional amount of $2.1 billion had been used to enter into derivative contracts with Enron. Enron capitalized the Raptors, and, in a manner similar to the accounting employed when a company issues stock at a public offering, then booked the notes payable issued as assets on its balance sheet while increasing the shareholders' equity for the same amount. This treatment later became an issue for Enron and its auditor Arthur Andersen as removing it from the balance sheet resulted in a $1.2 billion decrease in net shareholders' equity. Eventually the derivative contracts worth $2.1 billion lost significant value.
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In what appeared incidental at the time, the charter included the right to bank unless this was specifically prohibited; in years to come, there was to be some uncertainty as to how definitive these rights were. McCulloch and Tod were keen from the outset to provide banking services to their trading partners: "they had set their minds on having, `like banks`, promissory notes to pay to agents, weavers, manufacturers and other customers"; these were duly issued in 1747. However, "three years later the Company issued true bank notes, payable on demand, and non-interest bearing." Despite the increasing provision of banking services, the Company remained primarily an industrial concern through the 1750s but with limited financial success.
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On the other hand, for an account that is normally credited, such as a liability account or a revenue account, it is credits that increase the account's value and debits that decrease it. In double-entry bookkeeping, a transaction always affects at least two accounts, always includes at least one debit and one credit, and always has total debits and total credits that are equal. This is to keep the accounting equation (below) in balance. For example, if a business takes out a bank loan for $10,000, recording the transaction would require a debit of $10,000 to an asset account called "Cash", as well as a credit of $10,000 to a liability account called "Notes Payable".
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In 1815 the partnership was dissolved and a notice of dissolution appeared in the London Gazette on 12 August 1815, which stated that all local bank notes of the Bank would be paid at the banking house at Aberystwyth, while all notes payable in London would be paid at the house of Sir James Esdaile & Co., in London. On 21 August 1816 the partners in the Bank made an assignment of their debts, probably in order to liquidate the assets of the Bank for distribution between the partners. Despite dissolution of the partnership in 1815, and payment of creditors in full, the business appeared to have been continued by Thomas Williams. In 1832, a bank was doing business in Bridge Street, Aberystwyth called Williams, Davies & Co., with London agents being Sir James Esdaile & Co. In about 1815 Williams either continued the bank or established a new one.
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The second biggest British bank in China was during the Qing dynasty was the Chartered Bank of India, Australia and China, which was originally formed in British India by a Royal Charter issued under the reign of Queen Victoria of the United Kingdom in the year 1857. In 1858 the Chartered Bank of India, Australia and China opened an office in the British crown colony of Hong Kong and in 1861 the Chartered Bank of India, Australia and China was granted the right to issue banknotes for Hong Kong. Sizable portions of some of its early business involved the discounting of bills for the export of the narcotic opium from British India to the Qing dynasty which generated a significant number of profit. From the year 1861 the Chartered Bank of India, Australia and China was granted the ability to produce "Notes Payable to Bearer on Demand" at all of their offices.
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